Torre Lorenzo Development Corp. (TLDC) posted higher revenues in 2021 on the back of a more optimistic business environment and improved takeup of condominium units towards the end of the year.
The pioneer in university residences recorded an 8.79 percent increase in gross revenues last year compared to the same period in 2020.
“Even amid the disruptions brought about by the pandemic, TLDC remained bullish and focused on achieving its business goals,” said Emmanuel Rapadas, chief finance officer.
Rapadas said throughout 2021, TLDC maintained its capex spending of about P1.17 billion to construct ongoing projects. It also launched a new project in Lipa and achieved turnover status for two of our premium residential developments in Manila.
These and other initiatives “put in place our strategy towards business recovery,” Rapadas said.
Despite a volatile environment, TLDC also continued to strengthen its portfolio in 2021.
The company turned over move-in ready units in 3Torre Lorenzo and Torre Lorenzo Malate in Manila. Following the success of its first tower in Tierra Lorenzo Lipa, TLDC launched a second premium residential tower with thoughtfully designed units catering to young investors in the South. Construction is also in high gear for Torre Lorenzo Loyola in Katipunan, Quezon City as the company topped off its 35-storey residential tower located right across Ateneo de Manila University.
Consistent with forecasts of rebound in real estate this year, TLDC anticipates its sales performance to strengthen in 2022 as the opening of offices and schools drums up the demand for condominiums near CBDs and universities.
During the pandemic, TLDC transformed its spaces to cater to the new normal. Early on, it established strict protocols to prioritize the health and safety of its residents.
All buildings have designated delivery areas to avoid gathering in lobbies. It ensured improved air circulation in common areas through hospital-grade air purifiers.
The company is also designing its amenities to serve the changing lifestyle of its residents including open spaces for rest and relaxation, conducive work and study areas, shuttle service, and a pet park.
TLDC pivoted to digital channels for marketing and client transactions.
“For the past five years, we have achieved an annual revenue growth rate of 25 percent,” said Rapadas. “Given the reopening of the economy and resumption of business activities, we are confident that we can grow the company’s revenue at an average of 35 percent over the next five years.”
TLDC and its subsidiaries currently have a residential inventory of P6.1 billion available for sale across 10 active projects in Manila, Batangas, and Davao.
